Chen purchases another $1.6 million worth of CHS stock Mike Souheil

Tianqiao Chen-controlled companies bought another $1.6 million worth of Community Health Systems stock, bringing his effective ownership to 25.9 million shares, or 23% of all outstanding stock.

It is unclear what the Chinese investment manager’s intentions are with his holdings, which are approaching one-quarter of the company. He has indicated in the past that he was not going to take an activist role with his various investment vehicles, which operate under the Shanda moniker.

CHS is working to build up enough cash to meet debt obligations that are coming due in 2019.

Community Health System shares in midafternoon trading were up slightly, just above $4.00 per share.

Paul Barr, a healthcare journalist since 2004, is responsible for Modern Healthcare’s feature stories. Barr most recently was a senior editor for Hospitals & Health Networks, but before that worked six years at Modern Healthcare as news editor and two years as a reporter. In 2016 he won a Jesse H. Neal award for best single story, and in 2015 was a finalist for best series. Prior to 2004, he covered financial matters for various publications. Barr has a bachelor’s degree in economics and master’s degrees in journalism and business from the University of Illinois.